Spain and six other European countries support the creation of a European payments solution


Madrid

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Spain, France, Germany, Belgium, Finland, the Netherlands and Poland have shown this Tuesday their support for the initiative to create a European payment solution that willfits with current “fragmentation” within the block and also compete with giant companies like Visa or Mastercard.

«We firmly believe that the time has come to conbuild a true ‘Europe of payments’ », these seven partners of the bloc have claimed in a statement in which they endorse the European Payments Initiative (EPI), launched by some of the main financial institutions in the EU.

In the text, this group of countries has remarked that an ‘open and integrated’ market for electronic payment solutions, without distinctions between national and cross-border payments and without “unnecessary barriers” is necessary to continue advancing in the construction of the internal market. Faced with a current «fragmented» scenario, a European payments solution ‘would increase competition and innovation’, and it carries “potential benefits” for consumers, point out the signers of the declaration. In addition, they highlight that a harmonized payment system in the EU «Would reduce risks and vulnerabilities in retail payment systems and it would contribute to having control of sensitive payment data, better protecting citizens ”.

«In this context, we reiterate our support for the European Payments Initiative (EPI), which would be essential to meet these objectives, “Spain, France, Germany, Belgium, Finland, the Netherlands and Poland have argued in the statement.

In his opinion, this private initiative would serve to promote a “safe, innovative and modern” offer of payment solutions. “Under a common scheme and harmonized standards”. They also emphasize that “it would benefit European consumers, merchants, banks and payment providers equally and, more generally, the European economy.”

“We therefore look forward to a successful formal launch of the project. We encourage EPI to commit to agile deployment of this new solution since it is a success, being aware that it is a private and competitive model and we remain vigilant to maintain fair and free competition, ”the seven countries have abounded

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